Carlyle Group made a RM1.9 billion (US$620 million) takeover offer for Southeast Asian fast-food chain operator QSR Brands Bhd, topping an earlier bid led by Malaysian businessman Halim Saad.

Carlyle, a Washington-based private equity firm, offered to pay RM6.70 per share for all of QSR, 19.4 per cent more than the last closing price, according to a statement to the Kuala Lumpur stock exchange today by Kulim (Malaysia) Bhd, QSR's parent.

That's higher than an indicative bid of RM5.60 per share made on November 22 by Idaman Saga Sdn, part-owned by former Renong Bhd chairman Halim.

A QSR takeover would give the new owner control of KFC Holdings (Malaysia) Bhd, the Southeast Asian nation's biggest fast-food operator with more than 540 outlets in Malaysia, Singapore and Brunei. Listed in April 2004, QSR also owns the Pizza Hut chain of restaurants in Malaysia and Singapore.

'With this new bid, it's more juicy and palatable for Kulim to accept the offer,' said Pankaj Kumar, who oversees US$560 million as chief investment officer of Kurnia Insurans Malaysia Bhd near Kuala Lumpur. 'QSR has the KFC and Pizza Hut franchises which are jewels and cash cows.'

Kulim owns 55.2 per cent of QSR's shares, which in turn holds 50.6 per cent of KFC, according to data compiled by Bloomberg. Kulim, QSR and KFC shares were suspended for this announcement. -- Bloomberg